SETHALYS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SETHALYS
Largest movements
- Stocks and contracts -€31,079
down €31,079 (-77.5%), from €40,079 to €9,000
- Cash +€4,520
up €4,520 (+171.6%), from €2,635 to €7,155
mainly Stocks and contracts (+€31,079) and Depreciation (+€9,113)
- Receivables within one year -€3,451
down €3,451 (-7.4%), from €46,588 to €43,137
of which Trade receivables: -€2,081
- Tangible fixed assets +€3,402
up €3,402 (+5.1%), from €67,028 to €70,430
of which Plant, machinery and equipment: +€12,515
- Profit (loss) carried forward -€24,208
down €24,208 (-53.9%), from -€44,875 to -€69,083
- Trade debts -€3,469
down €3,469 (-55.1%), from €6,296 to €2,827
- Current portion of long-term debt +€2,603
up €2,603 (+23.5%), from €11,095 to €13,698
- Gross operating margin -€43,319
down €43,319 (-54.2%), from €79,910 to €36,591
- Staff costs -€3,072
down €3,072 (-6.8%), from €45,111 to €42,038
- Other operating charges +€1,587
up €1,587 (+66.5%), from €2,386 to €3,973
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €166,711 | €139,887 | -€26,824 | -16.1% |
| Fixed assets | 21/28 | €67,028 | €70,430 | +€3,402 | +5.1% |
| Tangible fixed assets | 22/27 | €67,028 | €70,430 | +€3,402 | +5.1% |
| Land and buildings | 22 | €61,509 | €52,397 | -€9,113 | -14.8% |
| Plant, machinery and equipment | 23 | €5,519 | €18,033 | +€12,515 | +226.8% |
| Current assets | 29/58 | €99,683 | €69,456 | -€30,227 | -30.3% |
| Stocks and contracts in progress | 3 | €40,079 | €9,000 | -€31,079 | -77.5% |
| Stocks | 30/36 | €40,079 | €9,000 | -€31,079 | -77.5% |
| Amounts receivable within one year | 40/41 | €46,588 | €43,137 | -€3,451 | -7.4% |
| Trade receivables | 40 | €31,970 | €29,889 | -€2,081 | -6.5% |
| Other amounts receivable | 41 | €14,617 | €13,248 | -€1,370 | -9.4% |
| Cash at bank and in hand | 54/58 | €2,635 | €7,155 | +€4,520 | +171.6% |
| Deferred charges and accrued income | 490/1 | €10,381 | €10,165 | -€217 | -2.1% |
| Total equity and liabilities | 10/49 | €166,711 | €139,887 | -€26,824 | -16.1% |
| Equity | 10/15 | -€26,275 | -€50,483 | -€24,208 | -92.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,875 | -€69,083 | -€24,208 | -53.9% |
| Amounts payable | 17/49 | €192,986 | €190,370 | -€2,616 | -1.4% |
| Amounts payable after more than one year | 17 | €172,602 | €173,170 | +€568 | +0.3% |
| Financial debts | 170/4 | €172,602 | €173,170 | +€568 | +0.3% |
| Amounts payable within one year | 42/48 | €20,384 | €17,200 | -€3,185 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €11,095 | €13,698 | +€2,603 | +23.5% |
| Trade debts | 44 | €6,296 | €2,827 | -€3,469 | -55.1% |
| Suppliers | 440/4 | €6,296 | €2,827 | -€3,469 | -55.1% |
| Taxes, remuneration and social security | 45 | €1,340 | - | -€1,340 | |
| Taxes | 450/3 | €104 | - | -€104 | |
| Remuneration and social security | 454/9 | €1,237 | - | -€1,237 | |
| Other amounts payable | 47/48 | €1,653 | €675 | -€978 | -59.1% |
| Remuneration, social security and pensions | 62 | €45,111 | €42,038 | -€3,072 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,781 | €9,113 | -€669 | -6.8% |
| Other operating charges | 640/8 | €2,386 | €3,973 | +€1,587 | +66.5% |
| Gross operating margin | 9900 | €79,910 | €36,591 | -€43,319 | -54.2% |
| Operating profit (loss) | 9901 | €22,632 | -€18,533 | -€41,165 | |
| Financial income | 75/76B | €26 | €399 | +€373 | +1448.9% |
| Recurring financial income | 75 | €26 | €399 | +€373 | +1448.9% |
| Financial charges | 65/66B | €5,881 | €6,074 | +€193 | +3.3% |
| Recurring financial charges | 65 | €5,881 | €6,074 | +€193 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €16,776 | -€24,208 | -€40,984 | |
| Profit (loss) for the period | 9904 | €16,776 | -€24,208 | -€40,984 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,776 | -€24,208 | -€40,984 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.